OTC Bulletin Board to Be Phased Out
by April 28, 2003 12:00 am 95 views
The OTC Bulletin Board (OTCBB), the online marketplace for over-the-counter equity securities, is being phased out in 2003. Founded in 1990, the OTCBB is generally used by equities not listed or traded on Nasdaq or a national securities exchange.
But according to its Web site, OTCBB will be replaced by something called BBX.
The new system will include electronic trading to allow order negotiation and automatic execution. According to the Web site, BBX will also have qualitative listing standards but no minimum share price, market capitalization, or shareholder equity requirements.
There are only two penny stock companies in Northwest Arkansas — Delta Systems Inc. in Rogers and Golf Entertainment Inc. (doing business as Sienna Broadcasting Corp.) in Springdale. Golf Entertainment is listed on the OTCBB but a large portion of its stock is under a “cease and desist” trading order by the Arkansas Securities Department (see page 11).
Delta Systems is traded on the Canadian Venture Exchange.